Israeli data privacy startup Mine has raised $30 mn in Series B funding, co-led by Battery Ventures and PayPal Ventures, with investments from Nationwide Ventures and with the participation of all existing investors including Saban Ventures, Gradient Ventures (Google’s AI), MassMutual Ventures and Headline Ventures.
This substantial investment will propel Mine’s mission to redefine data privacy and governance management for companies globally, enabling them to gain better control over their data and simplify regulatory compliance processes to get peace of mind.
With this investment, the company will scale its B2B enterprise-grade product, MineOS.
MineOS distinguishes itself with its intuitive, no-code experience, seamlessly integrated with advanced AI technology.
This integration not only sets a new industry benchmark in automation and accuracy but also revolutionizes the data discovery process, making it more accessible and efficient for businesses of all sizes to automatically discern the apps and infrastructure they employ, identify personal data within these systems, and grant individuals control over their data usage.
Mine has seen remarkable customer growth across diverse segments and industries, reflecting the universal demand for robust data privacy and governance solutions.
This surge underscores the versatility and effectiveness of MineOS, with rapid adoption observed among businesses ranging from burgeoning startups to well-established enterprises.
Rooted in its B2C origins, Mine prioritizes the customer experience, including a streamlined and continuous data discovery, inventory and classification system, unveiling near total coverage of any type of data, structured or unstructured, cloud or on-premise utilized by the company, complemented by the most comprehensive cloud scan to identify all assets.
This evolution encompasses AI Risk Assessments, Shadow IT Management, Compliance, and Privacy requirements such as RoPA and DSR Handling, in addition to other Security measures. The ultimate objective for MineOS is to emerge as the singular source of truth for Data Lifecycle Management.
Mine currently serves over 2,000 customers through its unique free tier offering and over 150 mid-size and enterprise customers including Reddit, HelloFresh SE, FIFA, and Data AI.
Mine tackles crucial issues in data privacy and governance, specifically navigating complex data regulations and the escalating demand for transparency.
Acknowledging the challenges faced by industries in data inventory discovery and classification, Mine seeks to ease customer frustrations by prioritizing a more efficient and seamless process through an automated data privacy program.
This shift aims to address the drawbacks of lengthy, inefficient processes and high costs, with the expected return on investment often realized after a 12-month period.
Recognizing the impending surge in state-level data regulations and the ongoing data explosion from massive data generation, collection, and management, Mine is poised to lead the market in the upcoming years of heightened data privacy focus in the US, projected for 2024 and 2025.
As the privacy landscape continues to evolve, Mine is actively developing solutions for emerging AI regulations, including AI Governance and Risk Assessment functionality.
by Peter Sonner
